Slide 1: 2022 Full Year Results
22 February 2023 2022 Full Year Results Ulaanbaatar, Mongolia EXHIBIT 99.2
Slide 2: Cautionary and supporting statements
Cautionary and supporting statements ©2023, Rio Tinto, All Rights Reserved 2 This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio Tinto”). By accessing/attending this presentation you acknowledge that you have read and understood the foll
Slide 3: Jakob Stausholm, Chief Executive
Jakob Stausholm Chief Executive Pilbara, Western Australia 3
Slide 4: Strong financials
©2023, Rio Tinto, All Rights Reserved 4 Strong financials Underlying ROCE Free cash flow Dividends paid 25% 9.0 11.7 Capital expenditure 6.8 2020 – 2022 2022 32%1 36.1 33.2 20.3 Underlying earnings 13.347.1 Taxes & government royalties2 8.429.2 $bn, except where stated 1Average over period | 2Taxes
Slide 5: Building an even stronger Rio Tinto
Building an even stronger Rio Tinto ©2023, Rio Tinto, All Rights Reserved 5 Rincon SimandouOyu Tolgoi Building a thriving culture Asset health Safe Production System, greater stability, stronger maintenance practices Non-binding term sheet signed to progress co-development of infrastructure; high-qu
Slide 6: Peter Cunningham, Chief Financial Officer
Peter Cunningham Chief Financial Officer 6 Yarwun Alumina Refinery, Queensland
Slide 7: Solid results against all-time highs in 2021
Solid results against all-time highs in 2021 ©2023, Rio Tinto, All Rights Reserved $bn, except where stated 2022 2021 2020 vs 2021 vs 2020 Consolidated sales revenue 55.6 63.5 44.6 -13% +25% Underlying EBITDA 26.3 37.7 23.9 -30% +10% Underlying earnings 13.3 21.4 12.4 -38% +7% Net earnings 12.4 21.1
Slide 8: Significant headwinds from costs and price in the second half
Significant headwinds from costs and price in the second half Iron Ore1 (-25% YoY) Aluminium3 (+9% YoY)Copper2 (-6% YoY) Realised pricing H1 H2 Delta Iron ore ($/dmt) 121 94 -22% Copper (c/lb) 447 362 -19% Aluminium raw materials $/t index price H1 H2 Delta Coal tar pitch 1,103 1,476 +34% Petroleum
Slide 9: Continued tight focus on controllables
37.7 26.9 26.3 (8.1) (3.5) Continued tight focus on controllables ©2023, Rio Tinto, All Rights Reserved 9 Prices 0.8 Subtotal 0.6 (0.5) (0.9) 0.1 Underlying EBITDA $bn External $10.8bn Controllables $0.7bn 1Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite
Slide 10: Resilient product group financials: well positioned for 2023
Resilient product group financials: well positioned for 2023 Iron Ore Aluminium Copper Minerals $bn, except where stated Turning a corner operationally Margin compression in the second half Investing in growth Resilient portfolio Underlying EBITDA3 18.6 -33% 3.7 -16% 2.4 -40% 2.4 -7% EBITDA margin1,
Slide 11: China consumption shows signs of rebounding
China consumption show signs of rebounding although economy remains volatile Looking ahead - physical markets remain tight ©2023, Rio Tinto, All Rights Reserved 11 Metal global reported inventories as days of consumption2 1Indexed to Jan 2022 | 2Consumption on 12-months rolling basis. Copper stocks
Slide 12: Pilbara iron ore: finished the year with strong momentum
– To offset ongoing depletion and add some growth during 2023: – Gudai-Darri to reach nameplate capacity on a sustained basis – Delivery of up to 5Mt production uplift from Safe Production System – Entered 2023 with healthy system inventories including strong blasted stocks, mine and port stocks – M
Slide 13: Safe Production System underpins improvements across safety, people and productivity
Safe Production System underpins improvements across safety, people and productivity ©2023, Rio Tinto, All Rights Reserved 13 Safety Practices and training have improved safety* performance *AIFR measured at the asset People Our measure of engagement over bi-annual surveys show significant improveme
Slide 14: Replicating the successes across our assets
Replicating the successes across our assets ©2023, Rio Tinto, All Rights Reserved 14 Priorities in 2023: - Going deeper at existing sites where we have already deployed to increase sustainable impact - New impact driven deployments - Focus on improving asset health and performance to stabilise produ
Slide 15: We will continue to invest consistently through the cycle
We will continue to invest consistently through the cycle ©2023, Rio Tinto, All Rights Reserved 15 Further cash returns to shareholders Compelling growth2 Essential capex Integrity, Replacement, Decarbonisation01 Ordinary dividends 40-60% of underlying earnings on average through the cycle1 02 Itera
Slide 16: Investment in compelling growth in 2022
– Significant investments in growth2 in 2022 with the acquisition of Rincon and the purchase of non-controlling interest in Turquoise Hill Resources – In 2023, we expect our share of capital investment to be around $8bn (previously $8 to $9bn), including growth capital of around $2bn, depending on t
Slide 17: Disciplined approach is unchanged
Disciplined approach is unchanged, we intend to maintain it throughout the cycle Balance sheet strength is an asset. Offers resilience and creates optionality Principles-based approach to anchor balance sheet around a single A credit rating Moody’s: A2 (stable), S&P: A (stable) No net debt target Ou
Slide 18: Attractive dividends remain paramount
0 10 20 30 40 50 60 70 80 90 100 2016 2017 2018 2019 2020 2021 2022 2016-2022 Ordinary dividend Additional return Attractive dividends remain paramount ©2023, Rio Tinto, All Rights Reserved 18 – $3.7bn of dividends declared for H2, bringing the full year to $8.0bn – Second highest full year ordinary
Slide 19: Bold Baatar, Chief Executive, Copper
Oyu Tolgoi underground, Mongolia 19 Bold Baatar Chief Executive, Copper
Slide 20: Oyu Tolgoi at an inflection point
Oyu Tolgoi at an inflection point ©2023, Rio Tinto, All Rights Reserved 20 Industry leading safety performance and water intensity (0.4m3/t), studies for net zero by 2040 Estimated average production ~500ktpa Cu & ~330kozpa Au 2028-20363 Panel 0 27 drawbells fired, Sustainable Production brought for
Slide 21: Committed to long-term partnership in Mongolia
Committed to long-term partnership in Mongolia ©2023, Rio Tinto, All Rights Reserved 21 January 2022 agreement delivered opportunity to reset relationship and commitment to continued dialogue and partnership Mongolia remains highly prospective for resources, with a young talented population Workforc
Slide 22: Ambition to double volumes
Ambition to double volumes ©2023, Rio Tinto, All Rights Reserved 22 1Represents 2022 production as disclosed in the Rio Tinto Q4 Operations Review, 17 January 2023, with Oyu Tolgoi adjusted to 100% volumes. Escondida at RT share 30% | 2Source: Wood Mackenzie Dec 2022, based on production from commit
Slide 23: Jakob Stausholm, Chief Executive
Rincon Lithium, Argentina 23 Jakob Stausholm Chief Executive
Slide 24: Framework for a stronger Rio Tinto
Framework for a stronger Rio Tinto ©2023, Rio Tinto, All Rights Reserved 24 Our values Our strategy Care Courage Curiosity Our purpose Finding better ways to provide the materials the world needs Growing in materials enabling the energy transition Ambition to double investment in growth Help our cus
Slide 25: Continuing our journey in 2023
Continuing our journey in 2023 ©2023, Rio Tinto, All Rights Reserved 25 - Accelerate our culture journey - Deliver production safely - Strengthen operational stability - Invest in asset health - Improve people engagement - Deepen relationships with communities and Traditional Owners - ELYSISTM indus
Slide 26: Outlook underpins a stronger Rio Tinto for the long term
Outlook underpins a stronger Rio Tinto for the long term ©2023, Rio Tinto, All Rights Reserved 26 0 20 40 60 80 100 120 140 160 Energy Transition demand Traditional demand 1Growth and carbon projections from Rio Tinto Group scenarios (11% per annum decline in CO2 emissions based on 2021-49 period in
Slide 27: RioTinto
RioTinto
Slide 28: Appendices Full year results 2022
Appendices Full year results 2022 ©2023, Rio Tinto, All Rights Reserved 28
Slide 29: Markets
Markets ©2023, Rio Tinto, All Rights Reserved 29
Slide 30: Iron ore market tighter than perceived in 2022
Iron ore market tighter than perceived in 2022 ©2023, Rio Tinto, All Rights Reserved 30 Iron Ore1 (-25% YoY) Seaborne Iron Ore supply run rate (Mt annualised2) $/dmt 0 50 100 150 200 250 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Iron ore (US$/dmt) FY Average 1200 1250 1300 1350 1400 1450 1500 1550 1600 165
Slide 31: Price support for aluminium, copper and TiO2
Price support for aluminium, copper and TiO2 ©2023, Rio Tinto, All Rights Reserved 31 1Average LME price. MWP = US Midwest premium | 2Average LME price | YoY = change in annual average price Sources: Rio Tinto Market Analysis, CME, LME, Mysteel, S&P Global, TZMI 0 150 300 450 600 750 900 1050 1,000
Slide 32: Other financials
Other financials ©2023, Rio Tinto, All Rights Reserved 32
Slide 33: Oyu Tolgoi: Financial modelling
Oyu Tolgoi: Financial modelling ©2023, Rio Tinto, All Rights Reserved 33 Ownership 66% Rio Tinto, 34% Government of Mongolia Accounting treatment 100% consolidation of headline production (from 1 Jan 2023), sales revenue and underlying EBITDA Project finance included in Rio Tinto net debt Project ca
Slide 34: Significant movements in iron ore prices impacting EBITDA
37,720 ( 8,101) -20,000 -10,000 0 10,000 20,000 30,000 40,000 50,000 2021 underlying EBITDA Price Significant movements in iron ore prices impacting EBITDA ©2023, Rio Tinto, All Rights Reserved 34 ( 9,155) ( 733) 886 387 113 401 Iron ore Copper Aluminium Industrial minerals Diamonds Other, net Under
Slide 35: Improvement in volumes and mix driven by higher China portside sales
Improvement in volumes and mix driven by higher China portside sales and favourable value-added products ©2023, Rio Tinto, All Rights Reserved 35 37,720 27,773 801 606 (8,101) (1,169) (1,478) 2021 underlying EBITDA Price Exchange rates Energy Inflation Flexed 2021 underlying EBITDA Volumes & Mix Und
Slide 36: Simplified earnings by Business Unit
Simplified earnings by Business Unit ©2023, Rio Tinto, All Rights Reserved 36 Primary Metal Atlantic Pacific Aluminium Copper Pilbara Sales volume 2,204kt 1,010kt 594kt6 277.6Mt9 Average benchmark price $2,703/t $2,703/t 398c/lb7 $109.8/dmt10 Premiums, provisional pricing, by-product sales, product
Slide 37: Iron Ore
Iron Ore ©2023, Rio Tinto, All Rights Reserved 37 Financial metrics ($bn) 2022 2021 comparison 2023 guidance Segmental revenue 30.9 - 22% EBITDA 18.6 - 33% Margin (FOB)3 68% - 8pp Operating cash flow 14.0 - 27% Capex 2.9 - 26% Sustaining ~$1.54 Free cash flow 11.0 - 27% Underlying ROCE 62% - 38pp Av
Slide 38: Iron Ore: significant movement in price driving lower EBITDA
27,592 18,500 18,612 390 562 (8,801) (405) (276) (243) (207) 2021 underlying EBITDA Price Exchange rates Energy Inflation Flexed 2021 underlying EBITDA Volumes and Mix Cash costs Other 2022 underlying EBITDA Iron Ore Significant movement in price driving lower EBITDA ©2023, Rio Tinto, All Rights Res
Slide 39: Investment in the Pilbara amid inflationary and market pressures
- Increase from 2021 primarily due to input price escalation and includes investment to support the ramp-up at Gudai-Darri and targeted investment in pit health and asset maintenance across the Pilbara - 2023 unit cost guidance range of $21.0 to $22.5/t excluding COVID-19 includes: - Ramp-up of Guda
Slide 40: Aluminium
Aluminium ©2023, Rio Tinto, All Rights Reserved 40 Financial metrics ($bn) 2022 2021 comparison Segmental revenue 14.1 + 11% EBITDA 3.7 - 16% Margin (integrated operations) 29% - 9pp Operating cash flow 3.1 - 15% Capex (excl. EAUs) 1.4 + 6% Free cash flow 1.7 - 27% Underlying ROCE 10% - 6pp Aluminiu
Slide 41: Aluminium: significant margin squeeze, particularly in second half
4,382 4,756 3,672 787 275 364 151(226) (462) (1,270) (329) 2021 underlying EBITDA Price Exchange rates Energy Inflation Flexed 2021 underlying EBITDA Volumes & Mix Cash costs One-offs 2022 underlying EBITDA Aluminium Significant margin squeeze, particularly in second half ©2023, Rio Tinto, All Right
Slide 42: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs ©2023, Rio Tinto, All Rights Reserved 42 Alumina refining Production cash costs Aluminium smelting (hot metal) Input Costs (Index price) H1 2021 H2 2021 H1 2022 H2 2022 Inventory Flow4 FY22 Annual Cost Sensitivity Caustic Soda1 ($/t) 274 535 675
Slide 43: 100% Aluminium Value Chain 2022 Actuals
100% Aluminium Value Chain 2022 Actuals ©2023, Rio Tinto, All Rights Reserved 43 Mining Aluminium Casting Bauxite 38.0dmt Bauxite 54.6dmt Refining1 Alumina 8.0mt Alumina 2.0mt VAP Non-VAP Aluminium 3.0mt Casthouse Prodn 30% 80% 70% 20% 50% 50% RTA Intersegment 3rd Party Sales 1As the result of Queen
Slide 44: Copper
Copper ©2023, Rio Tinto, All Rights Reserved 44 1Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which negatively impacted revenues in 2022 by $175m (2021 positive impact of $246m) | 2Oyu Tolgoi production for 2022 remains
Slide 45: Copper: decrease in gold sales and raw materials inflation impacted EBITDA
Copper Anticipated decrease in gold sales at Oyu Tolgoi and raw materials inflation impacted EBITDA ©2023, Rio Tinto, All Rights Reserved 45 Underlying EBITDA 2022 vs 2021 $m 3,969 2,947 2,37670(658) (4) (158) (202) (329) (312) 2021 underlying EBITDA Price Exchange rates Energy Inflation Flexed 2021
Slide 46: Minerals
1Wet metric tonne | 2TZMI chloride slag assessment in December 2022, excludes UGS | 3Diavik only. On 17 November 2021, Rio Tinto’s interest in Diavik increased from 60% to 100%. Production and financials reflect this from 1 November 2021 | 4Underlying ROCE is defined as underlying earnings (product
Slide 47: Minerals: resilient portfolio despite inflationary pressures
Minerals Resilient portfolio despite inflationary pressures ©2023, Rio Tinto, All Rights Reserved 47 Underlying EBITDA 2022 vs 2021 $m 2,603 2,428 2,419 113 108 88 (116) (280) (5) (92) 2021 underlying EBITDA Price Exchange rates Energy Inflation Flexed 2021 underlying EBITDA Volumes and Mix Cash cos
Slide 48: Impacts of inflation on closure liabilities – accounting treatment
Impacts of inflation on closure liabilities – accounting treatment ©2023, Rio Tinto, All Rights Reserved 48 – At 30 June and 31 December, we reflect the latest view of closure cost obligations in current year real terms, by adjusting the existing estimate for current year inflation – Inflation expec
Slide 49: Impacts of inflation on closure liabilities - disclosure
Impacts of inflation on closure liabilities - disclosure ©2023, Rio Tinto, All Rights Reserved 49 Closure liabilities roll forward (US$m) H1 H2 FY22 PY21 At 1 January 14,542 14,542 13,335 At 30 June 14,835 Adjustment on currency translation (514) (185) (699) (483) Increases to existing and new provi
Slide 50: Cash flow reconciliation 2022
Cash flow reconciliation ©2023, Rio Tinto, All Rights Reserved 50 2022 Cash Flow (US$m) Statutory cash flow Reconciling items Underlying cash flow Profit after tax for the year/Underlying EBITDA 13,076 26,272 Adjustments for: – Taxation 5,586 – Finance items 1,846 – Share of profit after tax of equi
Slide 51: Income Statement: exclusions
Income Statement: exclusions ©2023, Rio Tinto, All Rights Reserved 51 2022 2021 Per Annual Report Exclusions Underlying Per Annual Report Exclusions Underlying Consolidated sales revenue 55,554 55,554 63,495 63,495 Net operating costs (excluding items disclosed separately) (34,770) (374) (35,144) (3
Slide 52: Modelling EBITDA
Modelling EBITDA ©2023, Rio Tinto, All Rights Reserved 52 Average published price/ exchange rate for FY 2022 US$m impact on full year 2022 underlying EBITDA of a 10% change in prices/exchange rates Aluminium - US$ per tonne 2,703 1,076 Copper - US cents per pound 398 505 Gold - US$ per troy ounce 1,
Slide 53: Debt maturity profile
0 500 1,000 1,500 2,000 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 + External borrowings Leases – At 31 December, average outstanding debt maturity of corporate bo
Slide 54: Guidance
Guidance ©2023, Rio Tinto, All Rights Reserved 54
Slide 55: Balancing near-term returns to shareholders
Balancing near-term returns to shareholders ©2023, Rio Tinto, All Rights Reserved 55 Further cash returns to shareholders Compelling growth Debt management Essential capex Integrity, Replacement, Decarbonisation1 Ordinary dividends2 Iterative cycle of3
Slide 56: Disciplined investing for growth and decarbonisation
Disciplined investing for growth and decarbonisation ©2023, Rio Tinto, All Rights Reserved 56 5.4 6.2 6.8 2018A 2019A 2020A 2021A 2022A 2023F 2024F 2025F Growth Other replacement Pilbara replacement Decarbonise our assets Sustaining ~9.0-10.0 7.4 ~9.0-10.0 5.5 ~8.0 Capital expenditure profile (Rio T
Slide 57: Ambition to invest up to $3 billion in growth per year
Ambition to invest up to $3 billion in growth per year ©2023, Rio Tinto, All Rights Reserved 57 Rio Tinto share of growth capital Represents the Group’s economic investment in key growth projects through 2023-2025 Introduced to better represent our share of investment for capital projects which are
Slide 58: Group level financial guidance
Group level financial guidance ©2023, Rio Tinto, All Rights Reserved 58 2023 2024 2025 CAPEX Total Group ~$8.0bn ~$9.0 – 10.0bn ~$9.0 – 10.0bn Group Sustaining Capex ~$3.5bn ~$3.5bn ~$3.5bn Pilbara Sustaining Capex ~$1.5bn1,2 ~$1.5bn2 ~$1.5bn2 – $1.5bn to decarbonise our assets over next three years
Slide 59: Product group level guidance 2023
Product group level guidance ©2023, Rio Tinto, All Rights Reserved 59 2023 Production Guidance Pilbara iron ore shipments 320 – 335Mt1 (100% basis) Copper Mined Copper Refined Copper 650 – 710kt2 180 – 210kt Aluminium Bauxite Alumina Aluminium 54 – 57Mt 7.7 – 8.0Mt 3.1 – 3.3Mt Minerals TiO2 IOC pell
Slide 60: Application of the returns policy
Application of the returns policy ©2023, Rio Tinto, All Rights Reserved 60 Capital return considerations Comments Results for FY 2022 – Operating cash flow of $16.1bn – FCF of $9.0bn1 – Underlying earnings down 38% to $13.3bn Long-term growth prospects – Focused on Oyu Tolgoi – Investing in replacin
Slide 61: Safe Production System and Decarbonisation
Safe Production System and Decarbonisation ©2023, Rio Tinto, All Rights Reserved 61
Slide 62: Safe Production System (SPS)
Safe Production System (SPS) ©2023, Rio Tinto, All Rights Reserved 62 Best operator Building a lasting competitive advantage with our people. We want to empower them to safely run assets that are in control, capable and performing better than any of our competitors. Care Courage Curiosity Strong, st
Slide 63: Site-by-site progression: deployments in sites
Site-by-site progression: 30 deployments in 16 sites (end of December 2022) ©2023, Rio Tinto, All Rights Reserved 63 Grand Baie Brockman 4 Yandi West Angelas RailTom Price Amrun Kennecott Kitimat Bell Bay Hope Downs Arvida Iron Ore Company Canada Yarwun Marandoo Laterriere Iron Ore sites deployed Al
Slide 64: Processing accounts for the majority of our carbon footprint
Processing accounts for the majority of our carbon footprint - Our scope 1 and 2 emissions ©2023, Rio Tinto, All Rights Reserved 64 2022 equity basis 1Our Iron Ore product group is primarily our operations in the Pilbara and includes some salt production. Our Minerals Product Group includes the Iron
Slide 65: Pursuing an abatement pathway to reach our 2030 target
Pursuing an abatement pathway to reach our 2030 target ©2023, Rio Tinto, All Rights Reserved 65 Mt CO2e emissions by major abatement programmes – equity share
Slide 66: Value-accretive decarbonisation at a modest carbon price
– Energy efficient digestion process – Capex $0.3bn – ~$80m pa opex cost saving by reducing bauxite, raw material and energy costs – Abatement reduction of ~350kt CO2e emissions – 2023 pilot plant; replication opportunity at Yarwun Value-accretive decarbonization at a modest carbon price ©2023, Rio
Slide 67: Supply chain emissions: scope (equity basis)
Supply chain emissions: scope 3 (equity basis) ©2023, Rio Tinto, All Rights Reserved 67
Slide 68: Decarbonisation abatement programmes
Decarbonisation abatement programmes ©2023, Rio Tinto, All Rights Reserved 68 Programme Description & Key Sites Funding mechanism Example project - Economics Pacific Operations Repower Renewables: smelters Boyne | Tomago – Long-term market contracts – Government partnerships – Commercial solutions a
Slide 69: Rio Tinto Energy Development is dedicated to developing and partnering for renewables
45 energy industry professionals recruited to focus solely on delivering new renewable supply to Rio Tinto’s operations Globally resourced team ensures industry best practice is delivered across all our sites No one size fits all approach – optimize for security, LCOE, capex, ROCE, NPV Partnerships
Slide 70: Technical and innovation
Technical and innovation ©2023, Rio Tinto, All Rights Reserved 70
Slide 71: Our portfolio: Partnering to deliver value via technical breakthroughs
Our portfolio: Partnering to deliver value via technical breakthroughs ©2023, Rio Tinto, All Rights Reserved 71 Working across the full breadth of Rio Tinto’s commodities and assets 1RIMs: Resistate Indicator Minerals; KIMs: Kimberlitic Indicator Minerals; OBK: Ore Body Knowledge; RTX: Rio Tinto Exp
Slide 72: Green steel pathways: range of potential technology options
Green steel pathways: range of potential technology options available ©2023, Rio Tinto, All Rights Reserved 72 2020 2040 2060 Estimated time to Commercial Scale1 BF-BOF Optimisation Nat Gas DRI/HBI Shaft H2 DRI/HBI Fluidised Bed H2 DRI + Melter H2 DRI/HBI Shaft Biomass (BioIronTM) Electrolysis Today
Slide 73: Supporting our customers - steel decarbonisation
Supporting our customers - steel decarbonisation ©2023, Rio Tinto, All Rights Reserved 73 Optimising current technology Upgrading our Pilbara ores Ironmaking with Pilbara ores Pathway 1 Ironmaking with Pilbara ores Pathway 2 Entry to high-grade green iron market Bringing high-grade ore to the market
Slide 74: BioIron - green alternative pathway for iron & steelmaking
Simple Raw Material Preparation Ironmaking1 BioIronTM - green alternative pathway for iron & steelmaking ©2023, Rio Tinto, All Rights Reserved 74 Fine Iron Ore, Fluxes and Biomass are blended together...1 ...and compacted into Green Briquettes 2 1Powered by renewable energy sources | 2Higher product
Slide 75: H2 DRI + Melter - Processing Pilbara ores with hydrogen
H2 DRI + Melter - Processing Pilbara ores with hydrogen ©2023, Rio Tinto, All Rights Reserved 75 Transition to carbon-neutral: the industry is shifting from BF-BOF1 to H2 DR-EAF1 steelmaking BF-BOF1 DR-EAF1 0 200 400 600 800 1000 1200 1400 <58% 58%-62% 62%-65% 65 % -6 7% >6 7% Cumulative production
Slide 76: Nuton is seen as a key growth lever for Rio Tinto
– In development for +25 years, with first leaching tests taking place at Bundoora in 1996 – Launched Nuton as a corporate start-up 12 months ago – 3 partnerships announced in 2022 – +10 ongoing collaborative viability studies Current Progress – Worldwide demand for copper is growing rapidly (i.e.,
Slide 77: Nuton offers exceptional recovery performance
NutonTM offers exceptional recovery performance ©2023, Rio Tinto, All Rights Reserved 77 Nuton extracts up to >80% of copper from primary copper sulphides compared to 25-35% in tradition heap leach process Nuton modelling capabilities reduce requirement for extensive test programs % O re e xt ra ct
Slide 78: Building a pipeline of opportunities
Building a pipeline of opportunities ©2023, Rio Tinto, All Rights Reserved 78 GreenfieldBrownfieldHistoric Mine Los Azules, San Juan-Argentina (McEwen Copper) Yerington, Nevada-US (Lion Copper Gold) Cactus, Arizona-US (Arizona Sonoran Copper Company) – Option to earn in – Stage 1 work in progress –
Slide 79: Common acronyms
Common acronyms ©2023, Rio Tinto, All Rights Reserved 79 AHS Automous Haulage System EC European Commission Mtpa Million tonnes per annum RTFT Rio Tinto Fer et Titane Calculated abatement carbon price The levelised marginal cost of abatement at a zero carbon price Calculation: Discounted sum of all
Slide 80: RioTinto
RioTinto